Niblack Mineral Development Inc. Announces Private Placement

EDMONTON, ALBERTA -- (Marketwire) -- 12/29/11 -- Niblack Mineral Development Inc. ('Niblack' or the 'Company') (TSX VENTURE: NIB) is pleased to announce a non-brokered private placement offering (the 'Offering') for gross proceeds of $475,000, comprised of 2,500,000 common shares (the 'Common Shares') of the Company at a price of $0.19 per Common Share, which is scheduled to close on or about December 30, 2011 (the 'Closing'). Niblack retained PI Financial Corp. (the 'Agent') to help affect sales of the Common Shares and the Agent will be paid a commission of 10% of the gross proceeds realized on the Common Shares sold by the Agent. Closing of the Offering is subject to the receipt of all applicable regulatory approvals, including final approval of the TSX Venture Exchange. The Common Shares will be subject to a resale restriction for a period of four months plus one day from Closing.

The proceeds of the Offering will be used for general working capital for the Niblack Project in South East Alaska and to close the arrangement involving Heatherdale Resources Ltd. previously announced on October 26, 2011.

THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE 'U.S. SECURITIES ACT') OR ANY STATES SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

About Niblack Mineral Development Inc.

Niblack Mineral Development Inc. (TSX VENTURE: NIB) is an exploration and development company with a number of mineral rich assets in South East Alaska. The Company's principal asset is its interest in the advanced stage copper-gold-zinc-silver Niblack Project. This project is currently in a joint venture operated by Heatherdale Resources Ltd.

Niblack Mineral Development Inc. is a member of the Discovery Group of companies. For more information on the group visit www.discoveryexp.com.

On behalf of the Board of Directors

John Williamson, President & CEO of Niblack

This news release may contain forward - looking information including but not limited to comments regarding the timing and content of upcoming financings. Forward - looking information includes disclosure regarding possible future events, or conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Niblack Mineral Development Inc.

Investor Services

(604) 697-2861
www.niblack.com